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{
    "id": 482184,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/482184/?format=api",
    "text_counter": 322,
    "type": "speech",
    "speaker_name": "Hon. Tong’i",
    "speaker_title": "",
    "speaker": {
        "id": 2611,
        "legal_name": "Richard Nyagaka Tongi",
        "slug": "richard-nyagaka-tongi"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker, for giving me the opportunity to also contribute to this very important Finance Bill. We all appreciate that the Finance, Planning and Trade Committee has done a very wonderful job. They have done very good work in coming up with such a Bill. We appreciate that the Government cannot function without the money coming from us in form of taxes. But having said that, we have a duty, as Kenyans, to ensure that the money that is collected by the Government is used wisely. By so doing, then we will bring down the cost of living, which then affects the quality of life of our people. We all appreciate that, sometimes, our Government has not been very experienced in terms of using the money very well. We have institutions where procurement is done in a haphazard way. The bill of quantities that you get from the counties, the civil servants and the Public Works Department, sometimes, are photocopies of what was done ten or fifteen years ago. When you ask for one, they simply copy and paste and do not change anything. If you went to the Public Works today to ask for a bill of quantity, they are likely to give you one that includes clearing of the bush even when there are no bushes in the middle of Nairobi. That clearly goes to tell us that there is a lot of work to be done and we all need to encourage them to do the right thing. Therefore, this Bill will enhance our taxes and this will go a long way in helping Kenyans to get value for money. Without appearing to be repeating what has been said by my colleagues, I will try as much as possible not to say what has been said. But there is something which is very important to this economy and to all of us as a new frontier for the economy. Those are the future markets. That is the way to go. What happens in the future market is that we cushion the infrastructure development and ensure that we raise the money locally for our infrastructural development. We should raise the money to enable our people who have entrepreneurial skills to go to neighbouring countries and use the money that they borrow in Kenya at low interest rates for purposes of developing housing and other development projects. The same concept has been used in China and has worked very well for them. That explains why the Chinese have cheap money compared to other countries in the world. That is why the Chinese investors are able to come to Kenya and compete with us at very advantaged positions than what we are able to do. What they have done differently from us is that they have used the future markets. They have used the money they collect from the future markets, which otherwise would have been idle in their accounts and used it constructively for the good of the citizens. The future markets will be such a wonderful thing that will happen to Kenyans. We will use that money to cushion our infrastructural development. We will collect the money which then will be put under the National Mining Corporation, which will be so much. For example, if today we estimated the cost of our oil industry, for purposes of explaining my point, at US$1 trillion, we can float that money in the international market through the Nairobi Exchange and the foreigners will come and buy that market. When they buy the oil, that money will be put into our economy. It will be sitting in a box and then we will be able to borrow it to put it into The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}